Bitreserve Adds 7 Currencies as Pegging Options, Hits $2M Crowdfunding Goal

Bitreserve has added seven currencies to its supported assets: the three commodity currencies: CAD, AUD and NZD, plus HKD, SGD,

Bitreserve has added seven more fiat currencies to its supported assets: the three commodity currencies: CAD, AUD and NZD, plus HKD, SGD, ILS and KES.

Bitreserve uses Bitcoin as a backbone for payments, pegging all deposits to fiat currencies or commodities to avoid its volatility.

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The additions bring the total number of supported fiat currencies to 15, which already include USD, EUR, GBP, CHF, JPY, CNY, MXN and INR. Four precious metals are supported as well: gold, silver, platinum and palladium.

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Anthony Watson, who was recently appointed as Bitreserve’s President and then also as Chief Executive Officer, commented:

“Money is global: every new currency we add brings us closer to Bitreserve’s vision to create an inclusive and fair way for people to use, hold, change and spend it. Each of these geographies represents a thriving digital ecosystem and we are thrilled to be able to offer each one a way to transact in their own currency for free on our cloud money platform and to start to leave behind the cumbersome and expensive legacy banking systems of old.”

The startup, founded by Halsey Minor, has raised nearly $12 million for its platform, including $2 million on BnkToTheFuture. The latest round offers a 2.4% stake in the startup, implying a valuation of $83 million.

It recently launched its API and developer community Bitreserve Connect, and reports recent surges in transaction volume.

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